When it comes to investing money, people look for means that could bring them huge returns. The people belonging to this pool opt for investing in fixed deposits, mutual funds, unit linked plans etc. But there are very few people who think of medical problems that may arise in the future, and invest in healthcare solutions.
When a person meets with any medical urgency, the money invested in the above stated financial instruments is not very helpful. For ULIP holders, the stock market conditions might not be good enough to pay back the amount of principal. For mutual funds or fixed deposits, the time-period might act as a constraint. Thus, a person should be prudent enough at the time of investing his/her hard earned money. A part of it should be invested in healthcare solutions, like health insurance, which can be helpful in financing medical expenses.
Recent market surveys show that healthcare expenditure in India is regularly increasing and is becoming the cause of financial burden for families. The increasing number of diseases, changing lifestyles and rising medical costs show the importance of medical insurance in the life of an individual. It is only health insurance that is helpful in seeking quality medical care without any financial worries. The amount of money invested in these products can avoid financial crises over a family. The loved ones of the insured individual can stay at peace of mind, as there is no need to scramble for the arrangement of funds at the last hour.
Health insurance is an ideal vehicle that gives an insured the required protection. One can enjoy life to the fullest under health cover. These products offer lots of benefits and facilities that ensure a healthy lifestyle. Regular health check-ups, which a person may avoid due to several financial issues, are made much easier when a person buys these products. There are certain plans that offer coverage for maternity expenses, critical illnesses etc.
Besides this, health insurance also offers tax benefits under section 80 D of the Income Tax Act. The amount paid towards the premium, up to a maximum of Rs. 15,000, is tax deductible. In case of senior citizens, this limit goes up to Rs. 20,000. Thus, a person can enjoy all these benefits on buying health insurance.
The only point that one should ponder over is to make the right choice. One should try to have the plan that offers comprehensive coverage. One such plan is Maxima, India’s first 360 degree product. This plan offers cover to both small and big illness. A few of the benefits that are offered along with Maxima are as follows:-
Doctor Consultations: 4/6/8 consultations, as per the plan opted for,
Pharmacy Expenses: Pharmacy bills are covered, up to a certain limit,
Diagnostics: Cost of diagnostic tests taken by a covered individual will also be paid, up to a certain limit,
Specialist Services: Dental treatment, Spectacles and Contact lenses are all taken care of up to a certain limit,
Health Check-ups: Any person above 18 years of age is provided with an annual health check-up. (persons above 45 years can avail this benefit from the second year onwards)
Pre-existing illnesses under OPD Benefits: Medicines or a Doctor’s consultation for any pre-existing illness are covered without any waiting period.
Besides this, one can enjoy many more benefits, such as freedom from sub limits and tax benefits.